crisis Archives - Zxcoachoutlet

Millennial Money: Use a crisis to build helpful money habits

October 13, 2020

As millennials, we’ve learned about money the hard way. From the Great Recession to stratospheric student loan debt to a pandemic, there’s been no shortage of life giving us lemons.

While the long-term economic effects of the pandemic are yet to be fully realized, you may have noticed one positive trend in the short term: For once, your debt may have dropped.

Credit card balances fell by $76 billion April through June, the steepest decline on record, according to an analysis by the Federal Reserve Bank of New York. Research by NerdWallet backed that up, finding that credit card balances carried from one month to the next dropped 9.15%, or more than $600 per household with this type of debt. Overall household debt shrank by nearly $1,000 among households carrying any type of debt in the same period.

If stimulus checks, paused student loan payments and sticking close to home

Here’s what Florida insurance experts say about the current cost crisis

October 10, 2020

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As home insurance prices are poised to increase sharply, the South Florida Sun Sentinel asked leading insurance experts to provide their views of the disintegrating state of the market. Here’s what they had to say. Responses have been edited for length and clarity.

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Locke Burt, president and CEO, Security First Insurance Co.

Insurance cost drivers are well known and have been reported before — bad weather, increased reinsurance costs, shady contractors, aggressive plaintiffs bar with a favorable legal environment, water losses, fraud. What’s different is the trends seem to be accelerating and the Legislature has not done anything meaningful to change the trajectory of increased costs which, under Florida law, must be passed on to consumers in the required annual rate filings.

The private sector is shrinking and raising rates as fast as they can because the losses are not sustainable and the providers of additional investment capital

S.Africa faces fiscal crisis without serious measures, finance minister says

October 9, 2020

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JOHANNESBURG, Oct 9 (Reuters) – South Africa is heading for a budget crisis by the 2024/25 fiscal year unless it addresses a widening gap between revenue and expenditure, Finance Minister Tito Mboweni said on Friday.

At an emergency budget in June in response to the coronavirus crisis, Mboweni likened the country’s rising debt levels to a hippopotamus “eating our children’s inheritance”.

“A fiscal crisis is on its way by 2024/25 if we do not take serious measures to close the mouth of the hippopotamus,” Mboweni said in comments posted on the National Treasury’s Twitter account on Friday.

Africa’s most advanced economy was in recession before COVID-19 ravaged its economy, with the government’s strict lockdown imposed late in March putting major strain on businesses and households.

The lockdown dragged growth to its worst contraction ever in the second quarter and cost the economy over 2 million jobs.

“Estimates are that revenue

Dallas Fed president supports winding down stimulus when coronavirus crisis eases

October 9, 2020

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Fox Business Flash top headlines are here. Check out what’s clicking on FoxBusiness.com.

Dallas Federal Reserve President Robert Kaplan said on Thursday he sees no need to expand the central bank’s asset purchases to bolster the economic recovery and instead signaled support for winding stimulus down when the coronavirus crisis eases.

“I’d be skeptical about the benefits of doing more,” Kaplan told Bloomberg Radio. Long-term interest rates are already low, and trying to push them down further by adding to the $120 billion in bonds the Fed is already purchasing each month would do little to help the real economy.

CORONAVIRUS WILL DICTATE U.S. ECONOMY’S PATH: FED’S WILLIAMS

Kaplan added “the bond-buying needs to curtail, the Fed balance sheet growth needs to curtail,” when the crisis starts to lapse.

“I don’t think it’s healthy for the markets to be addicted, or too reliant, on Fed presence … it engenders fragilities.”

Business, labor groups urge G20 to close ‘stimulus gap’ in COVID-19 crisis

October 8, 2020

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FILE PHOTO: International Monetary Fund logo is seen outside the headquarters building during the IMF/World Bank spring meeting in Washington, U.S., April 20, 2018. REUTERS/Yuri Gripas

WASHINGTON (Reuters) – The Group of 20 nations must offer poorer countries a longer freeze in debt payments and other help to protect the global economy from long-term scarring inflicted by the COVID-19 pandemic, leading business and labor groups said.

Warning of job losses, increasing poverty, rising child mortality and high business failure rates in poorer countries, the groups urged G20 finance ministers, who will meet by teleconference next week, to take immediate action.

“The required contribution from the world’s leading economies is minute compared to the social and economic costs of inaction,” the International Chamber of Commerce, the International Trade Union Confederation, and Global Citizen, a group pushing to end extreme poverty by 2030, said in an open letter.

The G20’s freeze in

Boeing cuts jet demand forecast on pandemic crisis

October 6, 2020

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By Eric M. Johnson and Tim Hepher

SEATTLE/PARIS (Reuters) – Boeing <BA.N> cut its rolling 20-year forecast for airplane demand on Tuesday, sending its shares lower as the COVID-19 pandemic lays waste to deliveries over the next few years.

The U.S. planemaker, which dominates jet sales together with Europe’s Airbus <AIR.PA>, forecast 43,110 commercial aircraft deliveries over the next 20 years, down 2% from 44,040 projected a year ago and worth an unchanged $6.8 trillion at list prices.

While fleets are still expected to almost double, it is the first time since the 2009 financial crisis that Boeing has cut the 20-year demand forecast in terms of the number of deliveries.

Boeing, also for the first time, lifted the lid on the first half of the 20-year period, showing steep declines for the coming decade on the heels of the COVID-19 crisis. It predicted 18,350 deliveries for 2020-2029, down 10.7%

Struggling to pay rent during the COVID crisis? Miami-Dade may have money for you

October 5, 2020

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Tenants and landlords across Miami-Dade can apply for county help from the CARES Act, with stipends available to cover rent payments that can’t be made because of the COVID-19 crisis.

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Miami-Dade is accepting applications for the next two weeks for a second round of payments from its $15 million tenant program, which can cover up to three months’ worth of rent payments for tenants who meet income requirements. The application window closes on Friday, Oct. 16.

To qualify, a person must be a Miami-Dade resident, unable to pay full rent because of a COVID-related hardship, and make no more than 20% more than the county’s median income. For a single person, that sets the threshold at $76,800, and for a family with four people at home, the threshold is $109,680.

“Hopefully, we’ll be able to help a lot of people,” said Michael Liu, the county’s housing director.

The

Six Months In, the Shape(s) of the Economic Crisis

October 5, 2020

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Before the coronavirus spread widely, about six million people were unemployed in the United States. Soon after the pandemic hit, that number swelled rapidly. The unemployment rate in April was the highest it had been since the Great Depression. Through the summer, unemployment slowly but steadily improved, as people returned to work. But while September’s jobs report showed continued gains, there are still about twice as many people out of work now than before the pandemic.

Six months after the first coronavirus shutdowns went into effect across the United States, unemployment data is painting a picture of how quickly — or not — the economy is recovering from pandemic job losses.

Before the coronavirus spread widely, about six million people were unemployed in the United States.

Soon after the pandemic hit, that number swelled rapidly. The unemployment rate in April was the highest it had been since the Great Depression.

‘Tenet’ Tops $300 Million Globally, but Domestic Box Office Is in Crisis Mode | Investing News

October 4, 2020

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LOS ANGELES, (Variety.com) – Christopher Nolan’s “Tenet” willed itself past the $300 million mark globally this weekend even as the overall domestic box office appeared to be on the verge of collapse.

Disney’s “Hocus Pocus,” a Bette Middler comedy that flopped when it was initially released in 1993, but became a cult hit on cable and streaming, almost matched “Tenet’s” grosses in North America and beat those of “The New Mutants.” Re-released just in time for Halloween,” “Hocus Pocus” picked up $1.9 million from 2,570 theaters. “Tenet” earned $2.7 million from 2,722 venues, pushing its domestic haul to a paltry $45.1 million. “The New Mutants” eked out $1 million from 2,154 locations, bringing its domestic total to $20.9 million.

“Tenet’ has struggled to attract stateside audiences with the kind of fervor that typically greets Nolan films such as “Inception” and “Dunkirk.” Audiences seem hesitant to return to cinemas when coronavirus